Bitcoin backs away fro 10,800

Late yesterday evening the whole cryptocurrency spectrum hitched a lift on the coattails of the higher US stock markets and weaker dollar. Those dynamics certainly applied to Bitcoin, but the reaction on the upside was nothing short of disappointing. The lead cryptocurrency struggled to make any headway as it edged its way to trade just above 10,800. It eventually failed to make any progress after two half baked attempts fizzled out at 10,805. The subsequent drop back is hardly conclusive either as it now slips back towards 10,700. The drift lower this morning comes as the US equity futures fall back and the dollar gets some respite from earlier session losses. Now of course Bitcoin can rebound again and maybe a break above 10,805 might deliver some more dynamic upside, but it has to get there first and the limp efforts of yesterday were not especially encouraging. There is a risk; that if the current moves lower in equities and rebound in the dollar are extended, then Bitcoin might suffer a deeper bout of disappointment. It is just now trading at 10,715